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S2 Mid Term

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nizeyimana jean baptiste
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15 views3 pages

S2 Mid Term

good notes

Uploaded by

nizeyimana jean baptiste
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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ES.

MUHAZI
ENTREPRENEURSHIP MID TERM TEST/60MARKS, 2024/3rdTERM
SENIOR TWO
NAME: ………………………………………………………………….
CLASS: …………
DATE : …………

1. Define the following terms/6Marks


a) Budget
b) Accounting
c) Assets
2. Gakuru enjoys creative writing. He entered a competition where he submitted a story about a
village. His teacher praised him and suggested that he send the story to a publisher (a company
that produces and sells books) in Kigali. The publisher wants to sell Gakuru’s story and draws up
the demand curve to show how the quantity demanded is related to the price that Gakuru sells the
book for.
Use the demand curve to answer the questions that follow.

a) How many books will Gakuru sell at 6 000 Frw per book? /2Marks
b) Explain the relationship between the selling price of a book and the quantity
demanded. /2Marks
c) The publisher shows how many books they are willing to print and supply at certain
prices. Use this information and the information in the demand curve to determine the
equilibrium price for Gakuru’s book. /2Marks

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3. Gakuru wants to sell the book in Rwanda and abroad. List the three different types of
markets/3Marks
4. Eric is a young man who lives and works in Butare. His monthly salary is 50 000 Frw.
He is engaged and is planning to get married to Jeanette.
Below are Eric’s monthly expenses.

a) Eric wants to save up for his wedding. Provide two suggestions that will allow him to
save/2Marks
b) Eric reduces his costs by eating out less. His food costs are now 8 000 Frw per month.
Eric also increases his income by renting out a room for 5 000 Frw to a student. Draw up
a budget for the month. Show how much Eric can save during these three months.
/5Marks
5.
a) Differentiate between Tax from VAT /4Marks
b) A type writer cost 1,000,000 Rwf excluding VAT/5Marks
Calculate i) VAT
ii) Price cost including VAT
c) A machine was bought at 5,900,000 Rwf at SOMEKA Ltd VAT included.
Calculate the amount of VAT/3Marks

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6. From the following information, calculate the missing figures in each of the ten options below.
Write in your answer paper each missing figures against the number of the option. /10Marks
No CAPITAL(RWF) CURRENT FIXED CURRENT
LIABILITIES(RWF) ASSETS(RWF) ASSETS(RWF)

1 25,000 15,000 30,000 ?


2 ? 30,000 40,000 20,000
3 15,000 ? 40,000 15,000
4 70,000 45,000 90,000 ?
5 27,000 14,000 ? 10,000
6 60,000 ? 80,000 30,000
7 ? 28,000 45,000 29,000
8 75,000 40,000 76,000 ?
9 15,000 23,000 ? 33,000
10 45,000 18,000 30,000 ?

7. Prepare the accounting equation from the following transactions/10Marks


a) On March 1, 2001, Kagabo started business with cash 100,000
b) On March 2, 2001, Purchase furniture for cash 5,000
c) On March 3, 2001, Purchased goods for cash 20,000
d) On March 5, 2001, Purchased goods on credit 36,000
e) On March 16, 2001, Paid for rent 700
f) On March 31, 2001, Goods costing 40,000 sold at a profit of 20% for cash
8. List three ways that the accounting equation can be written/3Marks
9. Peter is a successful entrepreneur in processing juice, he is having the following workers who
earn their monthly salaries as follows
i. Kabera earns 90.000Rwf
ii. Mugisha earns 120.000Rwf
Required: calculate the total professional income tax that peter will report to Rwanda Revenue
Autholity /5Marks

GOOD LUCK!!!!

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